Home Properties acquires 527 units in two multifamily transactions

HAUPPAUGE, N.Y. – Home Properties, a Rochester, N.Y.-based multifamily REIT, has acquired a 297-unit property for $159,900 per unit, for a total of $47.5 million. The transaction’s initial yield is 9.3%. In a separate transaction, Home Properties sold two assets totaling 230 units for $39,900 per unit, or $9.2 million total, with a 9.6% cap rate. The acquisition and dispositions took place because of the company’s capital recycling program.